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Builders Bulletin: King County Permits Rebound

Posted on Sep 22, 2021 in:
  • Builders Bulletin

Homing in on Our Region's Housing Statistics

King County multifamily construction is on the upswing after three months of depressed permits following the implementation of the 2018 Energy Code. 91.7% of those multifamily units—and all of the multifamily growth in King County—are in buildings with five or more units; permits for two- to four-unit housing remain low. King County single-family permits have also hit a high for the year, although it is slightly lower than permit numbers at the same time last year. With less than one month of supply in both King and Snohomish counties, more housing production is desperately needed.

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Months' Supply of Housing Inventory

As of August 2021

icon showing a house for sale King County had 0.62 months' supply of inventory (down from 1.16 months' of inventory a year ago).
icon showing a house for sale Snohomish County had 0.49 months' supply of inventory (down from 0.69 a year ago).

Many industry analysts consider a four-to-six-month level as an indicator of a healthy market.

Source: Northwest Multiple Listing Service

 

Median Home Price

August 2021

icon showing a price tag The median price of single-family homes and condos was $771,750 in King County and $667,410 in Snohomish County.
icon showing a price tag For single-family homes only, the median price in King County rose 14.41%, from $742,950 a year ago to $850,000. The median price in Snohomish County rose 25.21%, from $555,000 to $694,900.
icon showing a price tag In Seattle, the median price of single-family homes and condos was $799,000. The median price for single-family homes only was $875,000, a 6.06% increase from $825,000 in August 2020.

Source: Northwest Multiple Listing Service

 

Building Permit Activity

 

Jobs

icon showing a hand holding a hammer The Washington unemployment rate for August 2021 is 5.1%; for Seattle/Bellevue/Everett, it is also 5.1%.
icon showing a hand holding a hammer Construction employment in Washington decreased by 1,600 between July 2021 and August 2021. Total construction employment is 224,200 statewide and 107,300 for Seattle/Bellevue/Everett specifically.

Source: Employment Security Department: WA Employment Estimates (Seasonally Adjusted), July 2021 and Bureau of Labor Statistics.

 

Population

icon showing a group of people The Puget Sound region's population as of April 1, 2021 was 4,330,400. Over the past year, the region added 66,200 people, as follows:
 

King County

+32,500

Kitsap County

+3,400

Pierce County

+16,400

Snohomish County

+13,900

Source: Office of Financial Management

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